DIPULA PROPERTIES LIMITED - Reviewed condensed consolidated financial results for the year ended 31 August 2025

Reviewed condensed consolidated financial results for the year ended 31 August 2025

Dipula Properties Limited
(Previously Dipula Income Fund Limited)
(Registration number 2005/013963/06)
JSE share code: DIB
ISIN: ZAE000203394
(Approved as a REIT by the JSE
("Dipula" or "the Company")


REVIEWED CONDENSED CONSOLIDATED FINANCIAL RESULTS for the year ended 31 August 2025


Salient features
- Revenue R1 513 million (2024: R1 487 million)
- Distributable earnings per ordinary share 57.25707 cents (2024: 54.39590 cents)
- Dividend per ordinary share 51.53136 cents (2024: 48.95631 cents)
- Basic earnings per ordinary share 102.36 cents (2024: 84.95 cents)
- Headline earnings per ordinary share 53.08 cents (2024: 49.32 cents)
- NAV per ordinary share R7.50 (2024: R6.98)
- Attributable comprehensive income R932 million (2024: R774 million)

BUSINESS OVERVIEW
Dipula is an internally managed, South Africa focused Real Estate Investment Trust ("REIT") that owns a
portfolio of retail, office, industrial and residential property assets throughout South Africa, with the 
majority of the portfolio located in Gauteng. Dipula's strategy is to own a defensive portfolio with a 
bias towards convenience, rural and township retail centres.

PAYMENT OF DIVIDEND
The board has approved, and notice is hereby given of a final gross dividend (dividend number 27) for the
period 1 March 2025 to 31 August 2025 of 25.92942 cents per share.

The dividend is payable to Dipula shareholders in accordance with the timetable set out below:

Last day to trade cum dividend                               Tuesday, 2 December 2025
Shares trade ex-dividend                                   Wednesday, 3 December 2025
Record date                                                   Friday, 5 December 2025
Payment date                                                  Monday, 8 December 2025

Share certificates may not be dematerialised or rematerialised between Wednesday, 3 December 2025 and
Friday, 5 December 2025, both days inclusive. The dividend will be transferred to dematerialised
shareholders' CSDP accounts/broker accounts on Monday, 8 December 2025.

TAX TREATMENT
An announcement relating to the tax treatment of the distribution to shareholders will be released on SENS
separately.

REVIEW CONCLUSION
The auditor, Forvis Mazars, has issued an unmodified review conclusion report on the reviewed condensed
consolidated financial results for the year ended 31 August 2025. Copies of the auditor's report will be
made available for inspection at the Company's registered office during office hours.

SHORT-FORM ANNOUNCEMENT
The contents of this short-form announcement are the responsibility of the board of directors of Dipula.
The information above is extracted from the reviewed condensed consolidated financial results for the year
ended 31 August 2025 and does not contain full or complete details of the financial results. Any investment
decisions made by investors should be based on consideration of the full announcement as a whole and
shareholders are encouraged to review the full announcement, which has been released on SENS and is
available for viewing on Dipula's website at:
https://dipula.co.za/wp-content/uploads 2025/11/Reviewed-annual-financial-results-31-Aug-2025.pdf
and on the JSE's website at:
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/DPL/FY2025.pdf

Johannesburg
12 November 2025

Directors
ZJ Matlala* (Chairperson)
IS Petersen (CEO)
S Moodley (FD)
Z Adams*
BH Azizollahoff*#
N Khoele*
K Teeroovengadum*^
* Independent non-executive
# British
^ Mauritian

Registered office
12th Floor
Firestation Rosebank
16 Baker Street
Rosebank
2196

Transfer secretaries
JSE Investor Services

Sponsor
Java Capital

Company secretary
Acorim

Independent auditors
Forvis Mazars
Date: 12-11-2025 08:00:00
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